International tax

Tax / Apple to pay $38bn Trump tax bill

Apple, already the largest US taxpayer, has said it anticipates making a one-off $38bn (£27.5bn) repatriation tax payment on profits currently held overseas as a result of President Trump’s recent changes to the tax regime, which it says would likely be the biggest of its kind ever made

Tax / HMRC simplifies claims for group relief for carried-forward losses

HMRC has released a policy note on changes to the rules for relief for carried-forward losses changed which are backdated to 1 April 2017 and are designed to simplify the arrangements for claims for group relief

Tax / Water companies told to turn off taps on offshore havens

Environment secretary Michael Gove has signalled his intention to crackdown on water companies using offshore tax structures, suggesting they should take steps to ensure their tax planning arrangements meet the standards for responsible behaviour, or face further regulatory challenge

Tax / IRS updates personal withholding tax rates for US taxpayers

The US Internal Revenue Service (IRS) has released Notice 1036, updating the income tax withholding tables for 2018 reflecting changes to personal tax rates made by the US tax reform legislation enacted in December

Tax / Multinationals report on short-term hit from Trump tax reforms

BP has become the latest multinational company to warn that President Trump’s recently announced tax reform package will have a short-term impact on its balance sheet, with the oil giant anticipating a $1.5bn (£1.11bn) one-off non-cash charge to the group income statement

Tax / IRS sets out rules for computing transition tax

The US Treasury Department and the Internal Revenue Service (IRSH) has issued guidance for computing the transition tax following the enactment of the Tax Cuts and Jobs Act, ushering in major US tax reform

Tax / UAE and Saudi Arabia introduce VAT

The United Arab Emirates (UAE) and Saudi Arabia have begun charging VAT on goods and services from 1 January 2018, becoming the first two states to implement the new tax which has been agreed in principle by the six-member Gulf Cooperation Council (GCC)

Tax / Dodwell: uncertainty is biggest risk facing tax directors

Bill Dodwell, partner and head of tax policy at Deloitte, discusses how the OECD is attempting to address the risks of tax uncertainty for businesses often cause by changes in law and administrative practices

Tax / President Trump to sign historic tax reform legislation

President Trump is set to sign his historic legislation ushering in the biggest US tax overhaul for a generation, after a second House of Representatives session voted to pass the bill, with the only delay now down to the practical requirements of getting the necessary documents on his desk before Christmas

Tax / Royalty withholding tax: what it means for digital multinationals

As the government tries to curb tax leakage through royalties shifted offshore by multinationals with  plans to introduce a withholding tax, Pinsent Masons partner Eloise Walker examines the policy’s chance of success and looks at some of the practical issues facing companies open to the charge 

Tax / Landmark US tax reform bill approved by Senate

The US is on the brink of introducing the biggest set of tax reforms for a generation, after President Trump’s flagship bill to slash corporation tax for business and introduce tax cuts for individuals was passed by the Senate, although it needs some final amendments and a second vote in the House before becoming law by the end of this year

Tax / Update to SDLT guidance as Wales introduces land transaction tax

HMRC has updated its guidance on how to make online returns for stamp duty land tax (SDLT) to reflect the fact that from 1 April 2018 SDLT will no longer apply to property purchases in Wales, which is introducing its first devolved tax for 800 years from that date

Tax / EU opens investigation into Ikea’s tax affairs

The European Commission has opened an in-depth inquiry into Swedish retailer Ikea’s tax structure in the Netherlands over concerns that the company may have been given unfair tax advantages, in breach of EU state aid rules

Tax / Scottish income tax complexity price to pay for devolved tax

Plans to restructure Scottish income tax will introduce additional complexities for Scottish taxpayers and the measures should not be considered in isolation from the wider UK tax and benefits regime, warns Moira Kelly, chair of the CIOT Scottish technical committee

Tax / Bahamas signs up to OECD’s multilateral convention on tax matters

The Bahamas has signalled its intention to join international efforts to tackle tax evasion and avoidance, by signing the OECD’s multilateral convention on mutual administrative assistance in tax matters and joining the base erosion and profit shifting (BEPS) framework, in a move viewed as significant for its financial services industry